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2017-11-20 09:00:00

NORWAY SELLS OIL & GAS

NORWAY SELLS OIL & GAS

 

BLOOMBERG - The $1 trillion fund that Norway has amassed pumping oil and gas over the past two decades wants out of petroleum stocks.

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world's biggest wealth fund of climate risk, after it sold most of its coal stocks.

"Our perspective here is to spread the risks for the state's wealth," Egil Matsen, the deputy central bank governor overseeing the fund, said in an interview in Oslo. "We can do that better by not adding oil-price risk."

The plan would entail the fund, which controls about 1.5 percent of global stocks, dumping as much as $40 billion of shares in international giants such as Exxon Mobil Corp. and Royal Dutch Shell Plc. The Finance Ministry said it will study the proposal and decide what to do in "fall of 2018" at the earliest.

While the fund says the plan isn't based on any particular view about the future of oil prices or the industry as a whole, it will likely add to pressure on producers already struggling with the growth of renewable energy supplies. The Stoxx Europe 600 Oil and Gas index reversed gains after the announcement, sliding 0.3 percent in London.

Built on the income that western Europe's largest energy supplier has generated for more than 20 years, the fund's investment decisions are guided by ethical rules encompassing human rights, some weapons production, the environment and tobacco. Norway's fossil-fuel investments are coming under increasing scrutiny from a public that aims to be a climate leader without jeopardizing one of the world's highest standards of living.

The fund has doubled in value over the past five years and was just given the go-ahead to boost its stock holdings to 70 percent of its portfolio from 60 percent to help drive returns. The government, which also controls Statoil ASA and offshore oil and gas fields, was forced to withdrew cash from the fund for the first time last year to meet spending commitments after oil prices dropped.

'Good Time'

Matsen said "now is a good time" for the proposal because otherwise the new 70 percent threshold will result in the fund buying even more oil and gas shares because it tracks indexes that include such stocks. The fund has a small amount of leeway to make individual investments and wants to keep oil and gas in its "investment universe," he said.

The fund said it doesn't expect returns or market risk to be affected "appreciably" by its proposal, emphasizing that cutting exposure to the energy industry would allow it to crank up investments in other sectors. Finance Minister Siv Jensen said the government will give the plan careful thought.

"This must be thoroughly assessed, I am not prepared to conclude in advance," said Nikolai Astrup, leader of the finance committee representing the ruling Conservatives. "It's important that the fund is managed in a way that's predictable and long-term."

But environmental groups praised the plan. "The world is changing fast, and it's very risky to put too many eggs in the same basket," said Marius Holm, the leader of the Zero Emission Resource Organisation. Sony Kapoor, a former adviser to Norway's government, said the plan is "a belated victory for common sense over the powerful oil and gas lobby in Norway," calling on the fund to now boosts its "green" investments at least tenfold.

The recommendation also received backing from the Conservative-led government's support parties, the Christian Democrats and Liberals. The Labor Party, the biggest opposition group, said it would like to study the proposal before making a decision.

"The government is responsible for the Norwegian economy as a whole and must take a broad and comprehensive approach to this issue," Jensen said in a statement.

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Earlier:

NORWAY'S PRODUCTION DOWN 171 TBD
2017, October, 20, 12:10:00

NORWAY'S PRODUCTION DOWN 171 TBD

NPD - Preliminary production figures for September 2017 show an average daily production of 1 772 000 barrels of oil, NGL and condensate, which is a decrease of 171 000 barrels per day compared to August.

 
 NORWAY'S OIL PRODUCTION DOWN 41 TBD
2017, September, 15, 08:30:00

NORWAY'S OIL PRODUCTION DOWN 41 TBD

Preliminary production figures for August 2017 show an average daily production of 1 918 000 barrels of oil, NGL and condensate, which is a decrease of 41 000 barrels per day compared to July. Total gas sales were 10.4 billion Sm3 (GSm3), which is a decrease of 0.1 GSM3 from the previous month.

 

 U.S. WANT NORWAY
2017, August, 31, 12:10:00

U.S. WANT NORWAY

Norway’s $970-billion sovereign wealth fund, the world’s largest, should allocate a bigger share of its investments to renewable energy to boost returns, a U.S. energy policy think-tank said

 

 HUGE NORWAY'S OIL & GAS
2017, August, 28, 19:40:00

HUGE NORWAY'S OIL & GAS

“We have been producing oil and gas in Norway for nearly 50 years and we are still not halfway done. Vast volumes of oil and gas have been discovered on the Norwegian shelf that are still waiting to be produced. We want companies with the ability and willingness to utilise new knowledge and advanced technology. This will yield profitable production for many decades in the future,” says Ingrid Sølvberg, Director of development and operations in the Norwegian Petroleum Directorate.

 

 HUGE NORWEGIAN OIL & GAS
2017, June, 20, 14:10:00

HUGE NORWEGIAN OIL & GAS

“We have been producing oil and gas in Norway for nearly 50 years and we are still not halfway done. Vast volumes of oil and gas have been discovered on the Norwegian shelf that are still waiting to be produced. We want companies with the ability and willingness to utilise new knowledge and advanced technology. This will yield profitable production for many decades in the future,” says Ingrid Sølvberg, Director of development and operations in the Norwegian Petroleum Directorate.

 

 NORWAY'S INVESTMENT DOWN 21%
2016, November, 11, 18:30:00

NORWAY'S INVESTMENT DOWN 21%

Total investment in oil and natural gas extraction in Norway was 21% lower in the first half of 2016 compared with the first half of 2015, a decline of about 20.9 billion Norwegian kroner (US $3.5 billion). However, investment cuts have affected some segments of the industry more than others.

 

 RUSSIA - NORWAY EXCHANGE
2016, October, 26, 18:40:00

RUSSIA - NORWAY EXCHANGE

The Norwegian Petroleum Directorate (NPD) and Russian petroleum authorities (Federal Subsoil Resources Management Agency, Rosnedra) have entered into an agreement to exchange seismic data from the areas around the demarcation line in the Barents Sea.

 

 

 

Tags: NORWAY, OIL, GAS

Chronicle:

NORWAY SELLS OIL & GAS
2017, December, 11, 09:55:00

SAUDIS OIL FOR JAPAN

REUTERS - State oil company Saudi Aramco last week raised prices for all crude oil grades to Asia in January.

NORWAY SELLS OIL & GAS
2017, December, 11, 09:50:00

U.S. EMPLOYMENT UP BY 228,000

U.S. BLS - Total nonfarm payroll employment increased by 228,000 in November, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, manufacturing, and health care.

NORWAY SELLS OIL & GAS
2017, December, 11, 09:45:00

ДОХОДЫ РОССИИ: +204,8 МЛРД. РУБ.

Отклонение нефтегазовых доходов федерального бюджета от месячной оценки, соответствующей Федеральному закону о федеральном бюджете на 2017-2019 годы, в декабре 2017 года прогнозируется в размере +204,8 млрд руб.

NORWAY SELLS OIL & GAS
2017, December, 11, 09:40:00

OPEC WILL BACK BY 2040

“Tight oil supplies are the wild card. They have reshaped the global outlook in recent years,” observed Ayed S. Al-Qahtani, who directs the research division at the OPEC Secretariat in Vienna. “US tight oil supplies will be the most important contributor but are expected to reach their peak around 2025.”

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